Laburra dena ona bada, birritan ona!

Iruzkinak (7)

• 

  joseba says:

  2017/08/26 at 23:18

  QE 2014tik 2017ra

  Quantitative easing
  Global investors look to Jackson Hole for signs of how QE will end (https://www.theguardian.com/business/2017/aug/20/global-investors-look-to-jackson-hole-for-signs-of-how-qe-will-end)
  (…)
  It was at Jackson Hole in 2014 that Mario Draghi prepared the ground for the European Central Bank’s massive bond-buying programme to help rescue the economies of the eurozone, embattled from years of sovereign debt crises.
  The annual event, held at the Wyoming fishing retreat by the Federal Reserve Bank of Kansas City since 1978, takes place from 24 to 26 August. And it could provide the backdrop for the ECB president to signal the eventual withdrawal from loose monetary policy by the central bank.
  Pressure is mounting on the world’s central bankers to give more clues about how they intend to exit huge stimulus packages unfurled to dig the global economy out of a hole after the financial crisis. After a decade of low-interest rates and bond buying, a process known as quantitative easing, the Jackson Hole summit could be a platform to convince markets they can safely wean the world off cheap money.
  “It’s an important event because we’re at a critical crossroads for many central banks, especially, I would say, for the ECB. The global economy, many economies, still need expansionary policy – but I don’t think we need this extreme form of monetary policy,” said Robert Bergqvist, chief economist at Swedish bank SEB.
  The ECB is spending €2.3tn (£2.1tn) on its QE policy, while the Bank of England injected £435bn into buying gilts. The Federal Reserve, which is further ahead thanks to a faster recovery in the US, started raising interest rates in December and has bought more than $4.5tn of assets (£3.5tn). Still, normalisation may not be the easiest path for central bankers, with fragile economies, inflation not taking off as expected and the potential for roiling the financial markets with sudden changes.
  “The rollback of QE is an experiment that has never been tried before and it is not clear how markets will react,” said economists at fund manager Intermediate Capital Group. “Their ownership of the market is significant. As markets anticipate Fed balance-sheet reduction and reduced ECB buying in 2018, the risk of market disruptions will increase.”
  (…)
  Central banks are ending policies like QE – but they’ll be back (https://www.cnbc.com/2017/08/21/what-some-expect-from-jackson-hole-the-meeting-of-the-minds-of-fed-policy.html)
  Nouriel Roubini

  (…)
  Instead, Draghi could repeat a message he gave in June at the ECB forum in Sintra, near Lisbon, when he expressed confidence in the eurozone economic recovery and reminded investors the ECB’s exit from QE would be contingent on calm conditions on the financial markets, according to Mark Wall, chief economist at Deutsche Bank.
  While Draghi is not expected to set expectations for the timing of a decision on QE, he could “still make a throwaway comment” on currency exchange rates that would pique the markets’ interest, Wall said.
  Although the Jackson Hole is billed as a get-together for central bankers and academics to discuss topics not necessarily of immediate concern, looking instead at emerging issues and trends, the meeting has become a key item watched by global investors and others for signs of their thinking.
  The Financial Times last week found six central banks – the Federal Reserve, ECB, Bank of Japan, Bank of England and the Swiss and Swedish central banks – now hold more than $15tn of assets, more than four times the pre-crisis level, following their policy interventions.

  (…)

  At Jackson Hole, the death of an economic model may concern central bankers (https://www.cnbc.com/2017/08/24/at-jackson-hole-the-death-of-this-major-economic-model-may-concern-central-bankers.html)
  Spriha Srivastava |

  As central bankers gather at the annual Jackson Hole symposium on Friday, analysts think the death of a major economic concept could dominate discussions.
  Known as Phillips curve, an economic concept developed by New Zealand economist William Phillips, it shows that inflation and unemployment have a stable and inverse relationship.
  However, in the recent months with central banks using artificial ways to pump money into the economy, this inverse relationship is seen to be dying.
  A number of analysts have warned that this could be risky for the global economy and discussions around the death of the Phillips curve could dominate the Jackson Hole symposium.
  “The inverse relationship between unemployment and inflation is dead. The proliferation of low-wage, irregular and insecure jobs means that wage pressures – and therefore spending power – are subdued even as unemployment falls,” Edward Smythe, an economist at Positive Money, told CNBC via email.
  (…)

• 

  joseba says:

  2017/08/27 at 00:10

  Ortodoxia:

  Mario Draghi (1)

  The interaction between monetary policy and financial stability in the euro area (https://www.ecb.europa.eu/press/key/date/2017/html/ecb.sp170524_1.en.html)

  Keynote speech by Mario Draghi, President of the ECB, at the First Conference on Financial Stability organised by the Banco de España and Centro de Estudios Monetarios y Financieros, Madrid, 24 May 2017

  Mario Draghi (2)

  Sustaining openness in a dynamic global economy (https://www.ecb.europa.eu/press/key/date/2017/html/ecb.sp170825.en.html)

  Speech by Mario Draghi, President of the ECB, at the Economic Policy Symposium of the Federal Reserve Bank of Kansas City, Jackson Hole, 25 August 2017

• 

  joseba says:

  2017/08/27 at 06:53

  From Jackson Hole to the Teton Heights?

  https://thenextrecession.wordpress.com/2017/08/24/from-jackson-hole-to-the-teton-heights/

  “Jackson Hole was so named because it was set in a deep valley between the peaks of the massive Teton mountains. Will the central bankers there be right that the world economy is finally getting out of its hole and heading to the heights of the Tetons? We shall see. “

• 

  joseba says:

  2017/08/27 at 07:25

  Gogoratu:

  Banku zentralak, gobernu defizitak eta zerua bere lekuan

• 

  joseba says:

  2017/08/27 at 07:40

  Gogoratu ondokoa ere:

  Ekonomia globala eta AEBak

• 

  joseba says:

  2017/08/29 at 10:24

  Ezkerraz, zer egin eta nola?

• 

  joseba says:

  2017/08/29 at 23:41

  Politika fiskala eraginkorra da eta erabiltzeko segurua